Tuesday, July 20, 2010

Be My Hero?


I reckon profit taking is theoretically a bit like... well, you know... You would need to do it everyday in order to get the plaisir. If it were up to me, I'd do it at least once a day, everyday... profit-taking that is.

My portfolio basically took a nap today, but it seems many miners took the high road today. XOM only moved up +0.89% today, but traded in a range of $57.67 to $58.99. If you caught the low and sold the high, that would have yielded you a 2.28% gain - if I did the math correctly. So, I've got a new trading idea... and that is to look for some stocks that trade in a wide daily range and then formulate an accurate strategy to buy the lows and sell the highs.

This, my dear HSFTs, is my new Get Rich Quick the ForexDiva Way Honeygreen Money Making Scheme. Oh, what a dream!

Who needs the DJIA to move up? Who cares if so-and-so is saying this-and-that on CNBC? Who cares if some Gold-digger's profits plunged 82% and still managed to rally +2.22%? Speaking of which... that price differential in GS today represented a 5.77% Gold-diggin' Opportunity. I'm going to see if it happens everyday.

As for moi, it was a mediocre, sleepy, uneventful Hit that Snooze Button Again and Come Back to Bed kind of day worth:

+0.26% on the SBA
+0.56% on the Roth IRA

I need an impetus to trade rather than deliver meaningless sub-CNBC type Wardrobe Malfunction like sultry and spicy commentary.

My most important lesson today was realising not just to look at the % change, but to look at the daily range. And that is no laughing matter.


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